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The Bismarck Tribune
Bismarck, Mandan, Burleigh County, Morton County, North Dakota
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Washington report on potential revision of war debts from Laval-Hoover talks, involving Young plan adjustments for Germany and US consideration of ally debt cuts amid congressional uncertainty.
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Present Arrangement Declared One of Most Intricate In History
Washington, Oct. 27.-(AP)-If, from the conversations of Premier Laval of France and President Hoover, revision of all war debt settlements results, one of the most intricate financial structures in international history must be torn down and rebuilt.
The juggling of billions of dollars by the world's statesmen to the satisfaction of more than half a dozen nations would be involved.
Chancellor Bruening has already been represented in Berlin as ready to open the reparations question for revision of the Young plan.
This is in conformance with the plan of Premier Laval and President Hoover that after Germany's payments are adjusted on a basis of her ability to pay. America would view from the same perspective proposals to cut the debts of her former allies.
From congress, however, has come no definite trend of thought yet to indicate its eventual attitude toward a scaling down of war debts.
Germany's expected step is to invoke the clause of the Young plan which permits her to seek revision of reparations upon proof of her incapacity to pay.
There is no such provision. however, in war debt agreements covering $11.000.000,000 between the United States and European nations. 'Any effort to curtail these payments would have to be initiated through diplomatic channels.
The Young plan provides that Germany, with total payments to make of about $9,000.000.000 can. if she finds herself unable to meet them, declare her situation to the creditor governments and the bank for international settlements.
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Domestic News Details
Primary Location
Washington
Event Date
Oct. 27
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Event Details
Conversations between Premier Laval of France and President Hoover may result in revising war debt settlements, requiring rebuilding intricate international financial structures involving billions of dollars for multiple nations. Chancellor Bruening is ready to revise the Young plan reparations based on Germany's ability to pay, after which the US would consider cutting debts of former allies. Congress shows no definite attitude yet. Germany can invoke the Young plan clause to declare incapacity for its $9,000,000,000 payments, but US war debt agreements totaling $11,000,000,000 lack such provision and require diplomatic initiation.